Peru May Take Days to Confirm Presidential Election Winner

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Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

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Summary

Peru has yet to announce its presidential election winner, and the final result could take weeks. Political instability has dominated the country since 2016.

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Too Close to Call

Peru held its presidential election on Sunday, June 7, but no winner has been announced. The electoral organization currently shows a technical tie between leftist Roberto Sanchez, with 50.01% of the votes, and center-right Keiko Fujimori, with 49.98%.

So far, the electoral organization has counted 97.8% of the votes from Sunday's election. In addition, among the tally sheets still waiting to be counted are those coming from overseas polling stations. According to the Ministry of Foreign Affairs, the tally sheets would arrive in Peru by June 10.

Infobae has reported that tally sheets from overseas have favored Fujimori, further narrowing Sánchez's lead.

In addition to the remaining tally sheets, electoral authorities must review a significant number of contested records. As a result, it could take several days or weeks before the final results are published, leaving the country in suspense over who will govern next.

Current results reflect a similar scenario to the 2021 presidential elections, where leftist Pedro Castillo emerged as the winner with 50.12% of the votes against Fujimori, who secured 49.87%.

Castillo was later arrested in 2022, after attempting to dissolve the Congress.

Political Instability

The narrow presidential results reflect Peru's political instability and polarization, following years of confrontation between state branches that have undermined governability.

The country has cycled through eight presidents in approximately a decade, following resignations, impeachments, removals by Congress, and interim transitions. No elected president has completed a full term since Ollanta Humala left office in 2016.

The winner of the runoff is expected to take office on July 28 and become Peru's ninth president in a decade. Meanwhile, the next administration will govern alongside a newly reinstated bicameral legislature. No party secured a majority in either chamber, representing another key setback for Peru's next president.

Peru's political instability remains an obstacle for companies seeking to invest in the South American nation.

Mining

Peru is the third-largest producer of copper in the world, and it is also a key producer of other minerals such as gold and silver. Industrial Info Resources data show 720 mining projects across Peru worth a combined US$53.80 billion.

Prior to the elections, Sanchez and Fujimori appealed to different mining groups. On one hand, Fujimori proposed modernizing the mining law, speeding up permits, developing infrastructure around mining assets, and offering tax incentives for reinvestment.

Meanwhile, Sanchez proposed increasing mining taxes and royalties, and reviewing future contract structures. He also strongly appealed to artisanal and informal miners, proposing their recognition as well as concessions and financing opportunities.

Informal mining has become an increasingly important political issue in Peru. To address it, the Registry of Mining Formalization, known as REINFO, allows small-scale miners to continue operating while completing the formalization process. However, artisanal and informal miners have opposed this process, demanding its extension and the reinstatement of operators excluded from the registry.

Key Takeaways

• Sanchez and Fujimori remain in a technical tie following the June 7 election.
• It could take Peru days to weeks to finalize the vote count.
• The new President will be sworn in on July 28.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).